STAMP DUTY ON LANDED PROPERTY

STAMP DUTY ON LANDED PROPERTY

A land/building purchase is not truly complete the day you pay for it.

One important step that many land buyers in Nigeria ignore is the payment of Stamp Duty on the land or building purchase documents.

Stamp Duty is tax paid to the Government on documents used to transfer ownership of land or building.

It may look like a small administrative step, but legally it is very important.

Once your land purchase document is properly stamped, it strengthens your ownership rights and gives the document full legal recognition.

An unstamped land document has very weak legal value in court. If a dispute arises and your document was not stamped, the court will not accept it as proof of ownership of the land.

Instead, the court will merely treat it as evidence that money was paid. So the land document may only serve as a receipt for payment, not as proof that the land legally belongs to you.

Another issue is delay. Stamp Duty is expected to be paid within the time allowed by law.

When buyers delay this process for years, penalties are imposed for every year of delay. This can make the cost far higher than it should have been.

So wisdom demands that you get a Property Lawyer to handle your land documentation and process the Stamp Duty early.

An experienced Lawyer will ensure that your land documents are correctly stamped, legally recognized and strong enough to defend your ownership rights if any claim arises.

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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors, Advocates and Legal Practitioners rendering legal services, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694 (Calls and Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com.